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Elliott Wave View: Bullish Sequence in EURGBP Favors More Upside

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Elliott Wave View of EURGBP suggests that pair shows bullish sequence from April 30 low. Near term, pair has ended the cycle from September 3 low as wave 3 at 0.9291 high. The subdivision of the rally from wave 2 low unfolded as 5 waves impulse Elliott Wave structure. Up from wave 2 low, wave ((i)) ended at 0.8934 high. Wave ((ii)) pullback ended at 0.8898 low. Pair then resumed higher in wave ((iii)), which ended at 0.9270 high. The pullback in wave ((iv)) ended at 0.9208 low. Finally, wave ((v)) resumed higher and ended at 0.9291 high. This final move completed wave 3 in higher degree.

Currently, pair is correcting the cycle within wave 4. The correction is unfolding as azigzag correction. Down from wave 3 high, wave ((a)) ended at 0.9199 low. The bounce in wave ((b)) ended at 0.9259 high. Wave ((c)) lower is in progress. The 100 161.8% extension of wave ((a))-((b)) where wave ((c)) can potentially end is at 0.9113-0.9169 area. This area is shown with a blue box. If reached, pair could resume higher or see a 3 waves bounce at least from that blue box area. The pair then needs to break above wave 3 high to confirm that next leg higher has started. Otherwise, 7 swings double correction can still happen in wave 4.

EURGBP 1 Hour Elliott Wave Chart

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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